Analyst Note
| Aaron Degagne |Exact Sciences had a pretty good start to the year and exceeded consensus estimates aggregated by Visible Alpha (12% beat on revenue and lower losses than anticipated), though reported figures were a tad below our expectations. We are maintaining our $76 fair value estimate and no-moat rating. While the shares remain overvalued, the stock has fallen over 25% from all-time highs, and we think investors should be alert for a potential entry point if the negative momentum continues.